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Marketing's Role in the Legal Industry's Pricing Revolution

By David R. Bowerman and Matthew J. Prinn

It's hard to imagine a more perfect opportunity for legal marketing professionals to earn a seat at the leadership table than the pricing revolution happening today in our industry. No longer a necessity of the latest recessionary period, alternative fee arrangements, or AFAs, are becoming increasingly more routine for businesses seeking to better manage their outside legal spend. The most progressive firms are developing sophisticated tools to help price AFAs, investing in legal project management training for lawyers, and analyzing the profitability of matters managed outside of the traditional billable hour.

While most firms take a collaborative approach in their strategic AFA development process by including members of finance, accounting, IT, and practice and office leadership, let us not forget that price is one of the “four P's of marketing.”

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